Exemption from specified income U/s 10(46) – Notifies ‘Chandigarh Building and Other Construction Workers Welfare Board, Chandigarh’ a Board constituted by the Administrator, Union territory, Chandigarh - 59/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 59/2023 New Delhi, the 10th August, 2023 S.O. 3580(E). In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Chandigarh Building and Other Construction Workers Welfare Board, Chandigarh (PAN AALC0595J), a Board constituted by the Administrator, Union territory, Chandigarh, in respect of the following specified income arising to the said Board, as follows: (a) Proceeds of the Cess collected under the Building Other Construction Workers Welfare Cess Act, 1996 (28 of 1996) and rules made thereunder; (b) Contribution and registration fees paid by the Beneficiaries under the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 and rules made thereunder; and (c) Interest earned on (a) (b) above. 2. This notification shall be effective subject to the conditions that Chandigarh Building and Other Construction Workers Welfare Board, Chandigarh - (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961 . 3. This notification shall be deemed to have been applied for assessment years 2021-2022 to 2023-2024 relevant for the financial years 2020-2021 to 2022-2023 respectively. [F. No. 300196/17/2020-ITA-I] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.